Caretaker: Paul Thwaite was appointed NatWest's interim boss last July

Caretaker: Paul Thwaite was appointed NatWest's interim boss last July

Caretaker: Paul Thwaite was appointed NatWest’s interim boss last July

Natwest has been urged to provide ‘clarity’ about its next chief executive ahead of a public share sale, which could come as soon as June.

The state-backed lender is led by Paul Thwaite, who was appointed as interim boss for a 12-month term last July after Dame Alison Rose had to quit as a result of a de-banking scandal involving former Ukip leader Nigel Farage.

The bank is hunting for a permanent successor for Rose.

But that could complicate the timing of a ‘Tell Sid’ 1980s-style share sale that Chancellor Jeremy Hunt is planning as the Treasury tries to dispose of some of the 35 per cent of the bank that it still holds.

Charles Donald, chief executive of UK Government Investments (UKGI), the Government body that oversees the taxpayer stake in the lender, told MPs that Natwest had yet to make ‘any statements to the market on how they’re taking the process forward’ on a boss.

Donald was asked by Harriett Baldwin, chairman of the Treasury select committee, whether it would be ‘very difficult’ to launch the sale without a permanent boss in place.

‘They need to provide clarity to the market on their proposals around either confirming the interim chief executive or a process around appointing a permanent chief executive for the market to be comfortable, yes,’ he said.

Holger Vieten, a director at UKGI, said that the share sale ‘potentially could happen’ in June. 

It will be the latest episode in the Government’s efforts to sell down its holding in Natwest – formerly Royal Bank of Scotland – after its £45billion bail-out in the 2008 financial crisis.

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#af1e1e; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#004db3; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .dealFooter {display:block; float:left; width:100%; margin-top:5px; background-color:#e3e3e3 } #fiveDealsWidget .footerText {font-size:10px; margin:10px 10px 10px 10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

This post first appeared on

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Five ways to squeeze extra value from your daily jog

JOGGING might seem like the ultimate free sport – just lace up…

Tell Sid his £1,000 has grown into £16,200

Forty years ago, Margaret Thatcher was re-elected with a manifesto to sell…

How often should you check your shares portfolio?

There is a happy medium between compulsively checking your investments several times…

ALEX BRUMMER: Folly of flogging off Britain’s most valuable assets

These are desperate days for the Tories as the choice of ethically…